In the absence of any reforms, “we won’t exit India, but we won’t scale up." In India, motor vehicles including cars, two-wheelers and sports utility vehicles (although not electric vehicles), attract taxes as high as 28%. Maruti Suzuki India Ltd. and Hyundai Motor India Ltd. have a combined share of almost 70%. Toyota in India has largely pivoted toward hybrid vehicles, which attract taxes of as much as 43% because they aren’t purely electric. “Market India always has to precede Factory India, and this is something the politicians and bureaucrats don’t understand," Viswanathan said.

Source: Mint September 15, 2020 00:00 UTC